This thread aims to gather the psychological experiences of a forex trader as s/he engage the market so as to help each other become a professional trader. Kindly post your experiences on how to overcome the following:

(1) Fear of Trading leading to no trading activity at all.
(2) Greediness leading to turn the winners to lossers.
(3) Hope of turning the lossers into winners
(4) Excitement leading to pull the trigger without proper trading plan.

Thank you.

There are many options for people with psychological problems with regards to trading.

One would be to go see a pychologist or a psychiatrist.
Wouldn't it be nice if they had a rehab center for losing traders, like the Betty Ford Center for crazy celebrities.

Another would be to hire a cold-blooded hitman/killer to trade.
Why?
Because they have no emotions and just do the job, like they do for their Mafia boss.

Third choice would be to buy or code your own EA that has strict money management and consistantly profitable.

A fourth option would be to find a professional trader or a firm that will trade for you and charge 20 to 25% commission.

The best option is to develop a proprietary trading system and consistently follow the signals with discipline and strict risk management.

Agree..100 %...FOREX is a phycological game..

Why go for fear and greed..If you have confidence..it will all balence up..boy the 5 dollar books on confidence building will do million times more good than 100 dollar elliot or EA books.

The fear and greed shapes up when you are not confident about your trade..and confidence will only come with experience.

We do not need 100 PIPS a year ..If you are 100 % confident. like soros says.."if you beleive the market will go your way..betting you house won't be enough"

Just 5 PIPS and 1 year of long wait and confidence building is enough to live...gosh..i think this word is getting to my head..I used confidence 6 times now ..I need a break

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I'm waiting for the golden age 12/12/2012

ok painting a picture here.......

this has helped me many times


ok... we have entered a trade and sure the price will turn
cant close cant close I know it will turn back soo as I close
trade getting worse worse go gone past me mental stop
oh well it will come back it doesnt and we lose 50-100 pips


the best way I have found to pull out of this losing spiral is...


if a trade is going against me i say to myself

HOW MANY TRADES WILL IT TAKE ME TO GET THIS BACK...it amazing that just a little sentence like that at a stressful time will help you pull out of a trade.



thats all you need to say to your self

it will help you to accept the loss

2 losses in a session then I sit the rest out

Hi,

I agree with you....you must have your system stick on your side...profitable system ofcourse...it's better to trade like a robot using your system

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